“Reluctant landlord” adviser Fraser Corporate Real Estate is to take over management of nearly 90 problem properties for insurer AMP.
Fraser CRE, which specialises in dealing with surplus property for big occupiers, has won the three-year outsourcing contract against competition from previous adviser Nelson Bakewell, Lambert Smith Hampton and Goodman Mann.
Alexander Anton, Fraser CRE’s chairman, said that many of the 88 surplus leases were part of the former branch network of the Pearl Group, and his company would try to maximise AMP’s return from its subtenants. “We believe our expertise will result in considerable savings for our new client,” he added.
Mike Ringer, who founded Fraser CRE with Anton in 1993, has sold his shares in the company, mainly to Anton and the staff trust. Ringer, who raises capital for occupiers from sale and leasebacks and other structures, has a two-year contract and will continue to advise the company.
Anton said that Fraser CRE would turn over £3m this year. BBC property director Ian Robertson is joining the board as a non-executive director.
